BHG announces the acquisition of Marina Palace Hotel in Rio de Janeiro
SAO PAULO, Oct. 17, 2013 /PRNewswire/ -- BHG S.A. - Brazil Hospitality Group (BM&FBovespa: BHGR3; OTC: BZHGY ) has entered into an agreement to acquire 100% of the shares representing the capital stock of LM Empreendimentos e Participacoes S.A., thereby becoming the owner of the Marina Palace Hotel, in the city of Rio de Janeiro.
The hotels "Marina All Suites" and "Villa Rasa Marina" are not part of the acquisition agreement, neither is the management of the restaurants Bar d´Hotel and Bar do Lado.
Located in front of Leblon beach, one of the most exclusive and upscale regions in the country, the Marina Palace Hotel has 150 rooms with an ocean view and is considered to be an icon of the national hotel segment. Among other facilities, the hotel has two renowned international-standard restaurants and a complete congress and conference structure that can accommodate up to 560 people at the same time.
BHG intends to invest R$15 million in improving and expanding the hotel. The operation will further strengthen BHG's presence in the country's leading hotel market – it now has five hotels in Rio de Janeiro, all located in prestigious ocean-front areas, with approximately 1,300 rooms.
"This is one of the company's most important acquisitions, giving us a strategic position in Rio de Janeiro, with the capability of serving both leisure and business travelers, and expanding our capacity in relation to major international events, such as the World Cup and the Olympic Games," declared the Company's CEO, Eduardo Bartolomeo.
BHG is scheduled to take over management in January 2014.
Who we are:
BHG S.A. - Brazil Hospitality Group, the country's third largest hotel chain, is the first Brazilian company to operate in the real estate segment specializing in business tourism hotels, with owned and managed hotels in the 2, 3, 4 and 5-star categories.
The exclusive contract with the Golden Tulip Hospitality Group in South America allows it to use the Royal Tulip (5-star), Golden Tulip (4-star) and Tulip Inn (3-star) brands. BHG also has the Soft Inn brand, used for limited-service 2-star hotels, which offer an attractive cost-benefit ratio for business tourism.
The Company has 49 hotels in its portfolio, in addition to 22 projects under development in Brazil's main regions. Considering all hotels currently under development, the Company will reach a total of approximately 13,329 rooms under management by the end of 2016, distributed through 71 hotels.
BHG is a publicly-held company with shares traded on the Novo Mercado segment of the BM&FBovespa under the ticker BHGR3, and a Level I ADR program for trading its shares on the over-the-counter (OTC) market in New York, United States, under the ticker BZHGY.
SOURCE BHG S.A. - Brazil Hospitality Group